VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/17/13 -- Midas Gold Corp. (TSX: MAX) announced today the final results from the Company's 14-hole, 3,758m, 2012 drilling program at the Scout Prospect on its Golden Meadows property in Idaho, which outlined significant gold and antimony mineralization over a strike length of 825m, to a depth of up to 200m and ranging between 8m and 70m in thickness.
"Our widely spaced exploration drilling along the newly defined Scout trend has demonstrated the presence of a large, strongly mineralized, disseminated, sediment-hosted, gold-silver-antimony system over a significant strike length, thickness and depth," said Stephen Quin, President and CEO of Midas Gold Corp. "Drilling has encountered numerous narrower, but high grade, antimony-silver mineralized zones, similar to those reported herein, associated with through-going structural zones (possibly feeder structures) cross-cutting the more broadly disseminated gold-silver-antimony mineralization," he said. Continued evaluation of the Scout prospect is in progress, including collection of core samples for metallurgical evaluation and preliminary resources estimation. "Scout is just the first of a number of the 20-plus exploration prospects which offer the potential for the discovery of new, high margin deposits beyond the three currently hosting the large mineral resource at Golden Meadows," he said.
Highlights of the assay results from the most recent holes are summarized in Table 1 below and full results are listed in Table 2 (http://media3.marketwire.com/docs/max117-Table2.pdf). Previous 2011 and 2012 assay results from Scout, as reported in other news releases, can be found on Midas Gold's website at www.midasgoldcorp.com.
Table 1: Highlights of Significant Drill Results from Scout Core Drilling
---------------------------------------------------------------------------- From To Interval Gold Silver Antimony AuEqHole ID (m) (m) (m) (g/t) (g/t) (%) (g/t)(1)----------------------------------------------------------------------------MGI-12-321 182.0 209.6 27.6 1.77 2.2 0.050 1.92----------------------------------------------------------------------------MGI-12-328 95.9 115.2 19.4 0.44 0.6 0.313 1.36----------------------------------------------------------------------------MGI-12-345 232.9 249.0 16.2 1.68 48.0 5.418 17. 60---------------------------------------------------------------------------- 287.7 292.0 4.3 1.10 2.7 0.480 2.51----------------------------------------------------------------------------MGI-12-347 168.6 183.8 15.2 0.36 10.2 0.425 1.61---------------------------------------------------------------------------- 235.2 243.2 8.1 3.06 57.8 6.125 21.06----------------------------------------------------------------------------(1) Gold equivalent grades are reported for illustrative purposes only to show the importance of antimony as a potential by-product in these intercepts. These are in situ values based on assays and utilize $1,400/oz Au and $6.00/lb Sb, the metal prices used in the PEA reported September 4, 2011. The reported gold equivalent values do not account for metallurgical recoveries and payabilities for the different products. After the application of such factors, the contribution of antimony and silver would likely be reduced relative to gold, reducing the gold equivalent grade. However, metallurgical testing has not been completed on the Scout deposit and so the potential impacts of these factors cannot be estimated and, as a result, actual outcomes might vary significantly from those reported herein. The gold equivalent value does not include other potential by- products such as silver or tungsten. The London Metal Bulletin (LMB) Rotterdam average monthly metal price per metric tonne CIF USA for antimony during 2012 was $12,963/tonne ($5.88/lb).
